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Making The Offer

Once you've decided to buy a home and found the home you'd like to buy, you're ready to make an offer. Your agent will help you compose an offer that is comparable to sales in the area of your potential new home.

The current value of a home is determined by the sales price of comparable homes in the area at the time of sale. Comparable refers to similar square footage, number of bedrooms, garage space, lot size and type of construction. Your offer should rely heavily upon the sales price of similar homes sold in the area based upon the most recent home sales information your real estate agent gathers.

Your offer should also take into account current market conditions. The real estate marketing is like any other economic market, when it's not steady, it's in flux. At any given time, it is either more of a buyers' market or a sellers' market. In a hot sellers' market, it can actually be prudent to make an offer above the asking price, as there are fewer homes and more buyers. In a buyers' market, there are more homes than there are buyers, thus buyers can bid under the asking price without risking the loss of the chance to buy the home.  If the market is steady, you would rely on the remaining indicators for making your offer.

Another thing to consider in making your offer is the condition of the property. Naturally, a "fixer-upper" will not be worth the same as a well kept home, no matter how similar the square footages may be. Your real estate agent will guide you and research the recently sold properties in the area to assure the comparisons are accurate.

Home improvements also play a role in the value of a home. While cosmetic enhancements should be discounted, special attention should be paid to major renovations or additions, especially room additions, or updated bathrooms and kitchens. Expensive tile and swimming pools do not add necessarily add to the value of the home, and should largely be discounted when determining your offer. You're Realtor will help you determine which home improvements add value and which do not.

 

 

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